The National Company Law Tribunal (NCLT), Mumbai Bench-II, has approved a ₹3.45 crore resolution plan for electric vehicle manufacturer Tork Motors Pvt Ltd, submitted by a consortium of Venkateshwara Buildtech Pvt Ltd and entrepreneur Sanjeev Kumar.
In an order pronounced on November 6, the tribunal approved the plan under Section 31(1) of the Insolvency and Bankruptcy Code (IBC), following its approval by 82.59% of the voting share of the Committee of Creditors (CoC).The approval came after the tribunal sought clarification from the resolution professional on the proposed treatment of Employees’ Provident Fund Organisation (EPFO) dues, following which the successful resolution applicant agreed to pay the entire admitted claim of…